Biological correlates of the Allais paradox - updated
AbstractWe conducted a questionnaire study with student subjects to look for explicit correlations between selected biological characteristics of the subjects and manifestation of the Allais paradox in the pattern of their choices between sets of two pairs of risky prospects. We found that particular characteristics, such as gender, menstrual cycle, mother’s age at delivery, parenthood, second- to fourth-digit ratio, perceived negative life events, and emotional state, can be related to the paradox. Women,particularly when not menstruating, are less susceptible to the paradox. Those born to not-too-young mothers are also less prone to the paradox. The same holds true for men who have fathered children and had been exposed to high levels of prenatal testosterone, people who had experienced many negative life events, and those who were anxious, excited, aroused, happy, active, or fresh at the time of the experiment. Further, left-handers and atheists may be less inclined to display the paradox.
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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 32747.
Date of creation: 2011
Date of revision:
Allais paradox; choice under risk; biological characteristics; experimental economics;
Find related papers by JEL classification:
- D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
- C91 - Mathematical and Quantitative Methods - - Design of Experiments - - - Laboratory, Individual Behavior
This paper has been announced in the following NEP Reports:
- NEP-ALL-2011-08-22 (All new papers)
- NEP-EVO-2011-08-22 (Evolutionary Economics)
- NEP-EXP-2011-08-22 (Experimental Economics)
- NEP-MIC-2011-08-22 (Microeconomics)
- NEP-NEU-2011-08-22 (Neuroeconomics)
- NEP-UPT-2011-08-22 (Utility Models & Prospect Theory)
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